A dick or a bitch are two things a real man wants to never have anything to do with. Therefore, a dickbitch, or combination of the two, is a double-negative - creating a positive. Thus, a dickbitch, is the ultimate awesome.

Erika - "Hippy, you are a dickbitch"
Hippy - "I am well aware"
Erika - "Wow, you are so cool, I wish I could be as cool as you."
Hippy - "Keep dreaming bitch..."